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Troubled Waters

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Ruh-roh. Hedge fund manager Philip Falcone finds himself in a bit of financial trouble (bankruptcy! declining assets! federal securities regulators!), and he's now using his personal real estate as collateral for loans from Fortress Credit. In 2008, Falcone and wife Lisa paid $49 million for the former UES mansion of Penthouse publisher Bob Guccione, and now the place, upon which the Falcones dumped millions for renovations, could be seized. "If the collateral is juicy and the guy is desperate," Fortress Credit "will take a big bet on it." We'd say that a former porn palace definitely falls under the "juicy" category. [Bloomberg; previously]